In 2022, targeted ransomware attacks were about 236.1 million, about 3,394,662 phishing attacks, and roughly 2.8 billion malware attacks. These attacks cost companies, cybersecurity insurance, and consumers millions of dollars, and exposed sensitive personal information.
In 2023, these trends will continue, and new ones will arise, that is why it is important that companies deploy preventive measures against emerging and existing cybersecurity threats.
In studying historical data, risk assessments, and post-breach reports we have identified emerging cybersecurity threats and provided how you can prepare and protect your organization.
Our prediction covers seven key themes
- The old players are here to stay
- Cybercrime-as-a-service on the rise
- New Technologies are Vulnerable
- Automotive and space technology hacks
- Rise in Cloud infrastructure attacks.
- Increase in Targeted ransomware attacks in Europe
- A rise in cyber-warfare
The Old Players are Here to Stay.
It has been reported that cyber attacks will cost companies $10.5 trillion annually by 2025. We saw a rise in targeted ransomware attacks, with about 236.1 million attacks across different industries. Phishing, on the other hand, had 3,394,662 hits across all sectors, with the sophistication of social engineering methods leading the drive.
Although these threats have existed for a long time, this trend will continue in 2023. Companies will experience more targeted ransomware attacks on system infrastructure, and cyber security insurance companies will have to pay more significant sums to restore systems.
Malicious actors will use more aggressive ransomware, phishing, and malware tactics in 2023, and double extortion will gain traction. Large companies or multinationals are most at risk of these targeted attacks since extended downtime results in revenue losses across their business chain.
Cybercrime-as-a-service on the Rise
Cybercrime as a service refers to a business where more experienced cybercriminals offer their services and expertise to the highest bidder. Services include malware, ransomware, phishing kits, and command and control infrastructure.
Some notable malware under the CaaS model is motet, Qakbot, and Trickbot. In 2022, there was an increase in the actions of these collective groups, according to Microsoft reports. TrendMicro reports also reported a 63.2% increase in Ransomware as a service (RaaS) and extortion groups in the first quarter of 2022.
The CaaS model lowers the barrier of entry to infiltrate systems, even for actors without technical expertise. This development will drastically increase attack frequency, seeing that anyone can purchase ransomware payloads and deploy them with just a few clicks. Further, we will experience more hacks and extended extortion with hackers using different tools to control systems infrastructure.
New Technologies are Vulnerable
The development and adoption of 5G technology opened up multiple possibilities for the connectivity of intelligent devices within the IoT.
However, with limitless connectivity – seamless communication amongst multiple devices – comes many issues.
In 2022, we saw a rise in IoT device hacks as the 5G technology evolved. We will see more threats to IoT devices powered by 5G technology seeing that reports project connected devices to reach an estimated 40 million by 2025.
Automotive and Space Technology Hacks
The automotive industry has benefited from rapid technological advancement. Modern vehicles now have built-in features like Bluetooth and wifi technology that support internet connectivity, automation, and more. Drones and intelligent aircraft have become mainstream too.
Cybersecurity reports indicate a rise in attacks on Electric vehicles, charging stations, and drones. With the increasing tension between countries, we will experience more targeted hacks on drones and aircraft.
The automotive industry will also experience significant hacks, which might result in shutting down a fleet of cars, data leaks, and ransomware attacks.
Rise in Cloud Infrastructure Attacks.
Cloud computing adoption reports reveal that 94% of enterprises used cloud services in 2022. This is in response to the changing workplace structure from onsite to hybrid and remote working schemes. Many companies now use cloud-based storage and software to manage employees’ productivity, communication, and data across different locations.
While most companies have set up sophisticated security measures to protect against data breaches, employees’ access points still pose a major threat. As more companies move their data and systems to the cloud, they become more vulnerable to data breaches, ransomware, and denial of service attacks.
Most of these attacks will use employees’ negligence and remote workstation tools as access points leading to massive data leaks and revenue losses.
The Rise in Targeted Ransomware Attacks in Europe
European organizations will suffer as much as others from cybercrime in 2023 due to a fragmented understanding of cybersecurity risks and available defenses.
Reports indicate that 40.5% of RaaS group’s lockbit hacks in 2022 targeted companies in European countries, which we expect to continue in 2023..
Some organizations may still need to be convinced about cloud technologies and will need clarification about local and regional regulations and privacy requirements.
As economies approach recession, cybersecurity budgets will be scrutinized, and consolidating licensed products may make sense while maintaining the best security levels. Many companies have more tools than they need, increasing the risk of hacks from software systems with less security infrastructure.
Rise in Cyber-warfare
In 2022, we witnessed increased cyber-warfare, with tactics ranging from leaked state secrets, leaked credentials, supply chain attacks, data breaches, industrial hacks, and more.
Countries like Russia, Ukraine, Iran, Israel, China, and the US, were at the forefront of these cyber wars. While most of these attacks were allegedly state-sponsored, we also saw a series of hacktivism attacks crippling major infrastructure, supply chain issues, and limited access to public services, as seen in the case of the Russia Vs. Ukraine war.
In 2023, countries will experience cyber attacks commissioned by warring governments. We predict a rise in wiperware and phishing attacks with aims to cripple a nation’s infrastructure and limit its ability to protect against a military invasion or strong-arm them into accepting specific demands.
How to Prepare for Emerging Cyber Security Threats in 2023
To prepare for these emerging cybersecurity threats, companies should take a multi-layered approach to security.
This includes:
- Conducting regular risk assessments to identify vulnerabilities in their systems and networks.
- Implementing robust security measures such as encryption, firewalls, and multi-factor authentication.
- Regularly updating software and systems to patch vulnerabilities.
- Providing regular cybersecurity training to employees to help them identify and avoid potential threats.
- Conducting regular penetration testing to identify and address vulnerabilities in their systems.
- Implement a disaster recovery plan to ensure they can quickly and effectively respond to a security breach.
- Considering cyber insurance to help mitigate financial losses in the event of a successful attack.
- Implementing a Zero Trust Security model that assumes all network traffic is potentially malicious and must be verified before it is allowed to access internal resources.
- Regularly monitoring for suspicious activity and implementing incident response plans.
- Building a sophisticated software and hardware infrastructure to prevent data breaches and unauthorized access by malicious actors.
It is also important to note that these emerging threats are not limited to just one sector or industry. Therefore, collaboration and information sharing between organizations, government, and private sectors will be crucial in addressing and mitigating these threats.
Partner with an Expert Cybersecurity Firm
At Cyberclan, we help organizations build a more robust, advanced, and comprehensive cybersecurity strategy through our proactive risk management services. Our methodology identifies Cybersecurity risks and vulnerabilities, builds secure architecture, and strengthens existing systems. We deploy services, including Phishing Simulation Programs, Tabletop Exercises, Incident Response Plans, and Policy Development to help you protect your systems and avoid litigation from data breaches.
